The UAE Ministry of Finance has introduced a new law that aims to improve the management and utilization of federal properties, both real estate and non-real estate assets. The law, which will come into effect on March 28, 2024, will replace the previous legislation issued in 2018 i.e. the federal decree-law no. 16 of 2018 concerning federal government real estate properties.
What are the main features of the new law?
The law, Federal Decree-Law No. 35 for 2023, applies to all properties owned by the federal government, whether they are for public services, such as railways, bridges, and roads, or for other purposes, such as intangible and movable assets.
The law aims to improve the legal framework for managing and inventorying federal properties by:
- Developing a modern electronic platform to record federal real estate properties, ensuring their maintenance, protection, and transparency.
- Defining and registering federal real estate assets clearly, eliminating ambiguities in asset utilization and management, and proposing strategies to increase government asset returns by enabling effective use and leasing.
- Establishing rules for managing non-real estate and private federal properties, explaining how these assets can be sold, used, and acquired.
- Creating a registry for federal real estate properties and working with relevant local authorities to transfer or recover assets to local governments.
- Managing federal properties inside and outside the state, setting leasing rules for private properties, and specifying requirements for using and benefiting from federal assets.
- Stressing the need to follow local building and urban planning regulations to ensure the best utilization of these properties.
What are the objectives and benefits of the new law?
- The new law is designed to better manage and develop the federal government’s financial resources, domestically and internationally. It aims to efficiently govern federal assets, improve their use, and ensure sustainable growth by adopting top global practices. Additionally, it seeks to boost the country’s standing in global competitiveness rankings and enhance its credit rating.
- The new law also aligns with the nation’s push towards digitalization, as it mandates the creation of a state-of-the-art electronic platform for the cataloguing of federal real estate properties. This initiative bolsters asset protection and promotes transparency, as well as facilitates the coordination and cooperation between federal and local entities.
- The new law also provides the flexibility to meet the specific needs of federal entities, ensuring alignment with their roles and responsibilities. It also clarifies the rights and obligations of the federation and its entities in relation to federal properties, as well as the mechanisms for resolving any disputes or violations.
How HHS Lawyers can help you with the New Law on Federal Properties in the UAE
If you are looking for legal assistance regarding the new law on federal properties in the UAE, you may benefit from the services of HHS Lawyers and Legal Consultants. HHS Lawyers is one of the top law firms in Dubai, Abu Dhabi, and Sharjah, with over 15 years of experience and expertise in various areas of law, including real estate, tax, corporate, and commercial law. HHS Lawyers can help you with:
- Understanding the implications and requirements of the new law for your federal properties, both real estate and non-real estate assets.
- Registering, managing, and utilizing your federal properties in accordance with the new law and the local regulations.
- Resolving any disputes or violations related to your federal properties, whether within or outside the state.
- Optimizing your returns and benefits from your federal properties, by advising you on the best leasing and use strategies.
HHS Lawyers in Dubai has a team of qualified and experienced lawyers and legal consultants who can provide you with high-quality legal services and solutions. HHS Lawyers also has a state-of-the-art electronic platform for cataloguing and managing federal real estate properties, which aligns with the new law’s mandate.
